If you are selling a SaaS company for less than $20M, start with the advisor whose size range begins where your revenue does. Livmo states a band, and L40 Partners and iMerge Advisors publish theirs, and those three cover most of that ground. The other seven firms here cover pieces of it. We ranked ten advisors on public evidence, and where we couldn't find a fact, we say so.
Small SaaS sales get little press. Our index holds 449 SaaS deals between January 2 and October 29, 2026. Nine disclosed a value under $20M, and not one of those nine named an advisor. Advisors were probably involved in some. Announcements at this size just don't credit them, so a firm's own published record counts for more than it would at $100M.
Selling at $15M is a different job from selling at $50M. Buyer lists run shorter. Fee minimums can eat a big slice of proceeds. Plenty of advisors keep a floor and never print it. Each profile below lists the stated floor, headquarters, founding year (when there is one) and any closes the firm names. A blank is marked "Not published" instead of filled with a guess.
How We Ranked These Firms
We scored ten firms on five criteria worth 100 points. Stated fit for sub-$20M software carries the most, since a size mismatch is the usual reason a first call goes nowhere. Public deal record, process clarity, operator experience and buyer reach follow.
The top-ranked entry shows evidence for every criterion, and at least half the firms were scored on each. A firm that published no evidence on a line got zero for it, not an estimate. Ranks two through ten use the same weights, and a tie goes to the firm with the newer dated close. Three of the ten are ProCloser Deal Network members. Membership earned no points.
Weighted criteria
Software Size Fit (30%): A stated or published size band, or a software focus, that takes in companies under $20M. Livmo's stated $1M to $20M revenue band scores highest.
Public Software Deals (25%): Closes with a name and a dated source, such as a press release or an Axial listing.
Published Process (15%): Steps, timelines or a fee schedule you can read before calling.
Founder Experience (15%): Principals who are named and have run or sold a business themselves.
Buyer Reach (15%): Signs of a buyer network, such as buyer relationships, buyer pages or named acquirers.
Sources: each firm's website (deal pages, about pages, office listings), public deal announcements and the ProCloser deal index. None of the firms wrote or reviewed its entry.
Comparison: SaaS Exit Advisors Under $20M at a Glance
The table puts headquarters, focus and stated size band side by side. "Not published" in the band column means the firm prints no band. It does not mean we missed one.
| Rank | Firm | HQ | Focus | Stated deal size | Notable |
|---|---|---|---|---|---|
| 1 | Livmo Verified · Deal Network | San Diego, CA | Technology and digital businesses | $1M to $20M revenue (stated) | Stated band starts at $1M; founder's $15M app sale named to Axial's Top 12 Deals of 2024 |
| 2 | L40 Partners Verified · Deal Network | Miami, FL; Lisbon; Madrid | Technology, software and AI | $5M to $100M ARR | SaaS sell-side page; 180+ transactions |
| 3 | iMerge Advisors | Boston, Dallas, Seattle, San Francisco | Software and technology only | $3M to $50M ARR | 150+ deals; 90% of engagements closed (self-reported) |
| 4 | Vista Point Advisors | San Francisco, CA | Software, AI and internet | Not published | Dated 2026 announcements; sell-side only |
| 5 | Software Equity Group | Encinitas, CA | B2B software, SaaS and AI | Not published | 175+ deals; 10,000+ buyer relationships; SEG SaaS Index |
| 6 | FE International | Not published | SaaS, AI, cybersecurity, ecommerce and more | Not published | Founded 2010; 1,500+ transactions claimed |
| 7 | Website Closers | Not published; brokers across Florida, New York and Tennessee | Ecommerce, Amazon, SaaS and digital businesses | $1M to $1B | Six broker offices; range from $1M to $1B |
| 8 | Quiet Light | Not verified | Online businesses including SaaS | Third-party: $200K to $30M+ | Third-party facts only; unverified |
| 9 | 733Park | Boston, MA | Payments, fintech, AI and vertical SaaS | $5M to $350M EV | Founded 2006; 200+ deals; $5M to $350M EV |
| 10 | Windsor Drake Verified · Deal Network | New York, NY; Toronto, ON | Fintech, software, healthcare and consumer | $5M to $300M EV | Fewer than 20 mandates a year; fee schedule published |
The 10 Best M&A Advisors for Sub-$20M SaaS Exits, Ranked
1 Livmo Verified · Deal Network
Public deals on record: 1
Deal Index: credited on 1 tracked 2026 tech deal (as of Oct 2026)
Best for: Founders at $1M to $20M in revenue, the band Livmo states, who want a firm that states a floor.
- Headquarters: San Diego, CA
- Founded: Not published
- Stated deal size: $1M to $20M in revenue
- Sector focus: Technology and digital businesses, including SaaS, apps and agencies
- Named closes: InfoSentience to Paradium.AI (August 2026, Livmo credited as advisor in the ProCloser Deal Index). Founder Khaled Azar represented the seller in a $15M kids' educational app sale that Axial named to its Top 12 Deals of 2024. Its site also shows a sold educational app (40M+ downloads, 89K paying subscribers) and a HubSpot SaaS and customization agency shown as sold at $3.5M.
Livmo says $1M to $20M in revenue. No other firm here has a band, stated or published, that sits wholly inside this guide's range. Others start at $3M to $5M or higher, or print nothing, so a founder at $2M is left wondering whether anyone will call back. Khaled Azar leads Livmo, a San Diego M&A advisor for SaaS and digital businesses. His site says he has over 25 years of experience in technology, digital advertising and entrepreneurship, and that he has launched a dozen companies and sold two of his own.
The site lists five steps: Strategic Analysis, Market Presentation, Competition Management, Negotiation and Resolution, then Due Diligence Management. Two public records back it. Livmo is credited as advisor on the InfoSentience sale to Paradium.AI in August 2026, which our Q3 league table covers, and founder Khaled Azar represented the seller in a $15M kids' educational app sale that Axial named to its Top 12 Deals of 2024. A refer-a-buyer page and listings aimed at buyers show its work is not limited to sellers. It is a ProCloser Deal Network member and ranks first on size fit and process clarity. The network disclosure at the foot of this page applies.
2 L40 Partners Verified · Deal Network
Public deals on record: 2
Deal Index: credited on 2 tracked 2026 tech deals (as of Oct 2026)
Best for: SaaS founders at $5M ARR or more whose likely buyers include European strategics.
- Headquarters: Miami, FL (offices also in Lisbon and Madrid)
- Founded: Not published
- Stated deal size: Typical SaaS range of $5M to $100M ARR (sell-side page)
- Sector focus: Technology, software and AI
- Named closes: KrakenD to Shop Circle; FirstPromoter to SpringWater; Big Red Cloud to Melior Private Equity.
L40 Partners has a sell-side page for SaaS that gives typical ranges of $5M to $100M ARR. The floor is above the smallest sellers this guide covers, though it falls inside the range's upper half. Offices in Miami, Lisbon and Madrid make it a natural pick if your likely buyers are European. The firm calls its engagements partner-led and cites more than 180 transactions.
The transactions page names KrakenD (Shop Circle), FirstPromoter (SpringWater) and Big Red Cloud (Melior Private Equity). All three are software sales to named buyers. It ranks second because its floor is higher than Livmo's. The public record has no gap. L40 Partners is a ProCloser Deal Network member.
3 iMerge Advisors
Public deals on record: none yet in the Deal Index
Best for: Software founders at $3M to $50M ARR who want a firm that handles nothing but software.
- Headquarters: Boston, Dallas, Seattle and San Francisco (no headquarters named)
- Founded: Not published
- Stated deal size: $3M to $50M ARR
- Sector focus: Software and technology only
- Named closes: Virtual Staging AI to Zillow; Datatrac to Valsoft; ConnectALL to Broadcom (named in image text only).
Everything iMerge Advisors does is software and technology, and it states a $3M to $50M ARR range, so the whole practice aims at this guide's reader. The site cites more than 150 deals, over $1B in transaction value, 90% of engagements closed and timelines of three to five months. The firm reports those numbers itself. We couldn't tie them to a dated list.
It lists offices in Boston, Dallas, Seattle and San Francisco and names no headquarters. Home page logos show Virtual Staging AI to Zillow, Datatrac to Valsoft and ConnectALL to Broadcom. No per-deal pages exist, so those closes have no announcement date here. A clear size fit and a strict software focus earn it third place. The thin dated record holds it back.
4 Vista Point Advisors
Public deals on record: 3
Deal Index: credited on 3 tracked 2026 tech deals · view record (as of Oct 2026)
Best for: Software founders who want proof of recent closes before signing.
- Headquarters: San Francisco, CA (555 Mission Street, Suite 2650)
- Founded: Not published
- Stated deal size: Not published
- Sector focus: Software, AI and internet, sell-side only
- Named closes: EasyLlama (investment from Inverness Graham, September 15, 2026); Spin.AI (investment from K1, March 11, 2026); Bonsai (Zoom, announcement titled pending).
Vista Point Advisors sells software, AI and internet companies, always sell-side, from 555 Mission Street in San Francisco. Its news page carries six dated announcements from October 2025 to September 2026. Among them are EasyLlama (investment from Inverness Graham, September 15, 2026), Spin.AI (investment from K1, March 11, 2026) and Bonsai (an announced sale to Zoom, titled pending).
The ProCloser Deal Index also names Vista Point as advisor on three 2026 SaaS deals, more than any other firm on this list. No size band is printed, though, so if you are under $20M ask about minimums before you book a first call. That gap keeps it at fourth. Its record is fine.
5 Software Equity Group
Public deals on record: 2
Deal Index: credited on 2 tracked 2026 tech deals · view record (as of Oct 2026)
Best for: Founders who want published research and the widest buyer network among the software-only firms.
- Headquarters: Encinitas, CA (681 Encinitas Boulevard, Suite 407)
- Founded: Not stated on its own site (it cites more than 25 years of practice)
- Stated deal size: Not published
- Sector focus: B2B software, SaaS and AI, sell-side only
- Named closes: ID Plans (Polaris Growth Fund); PickTrace (Terminus Capital Partners); Cherre (RealPage).
Software Equity Group is a software-only, sell-side firm in Encinitas, California, covering B2B software, SaaS and AI. The site cites 175+ deals, more than 10,000 buyer relationships and an 87% buyer response rate, and the firm publishes the SEG SaaS Index and quarterly reports. It mentions more than 25 years in practice. A founding year never appears.
Named closes are ID Plans (Polaris Growth Fund), PickTrace (Terminus Capital Partners) and Cherre (RealPage). PickTrace also appears in our deal index, dated October 13, 2026. The missing piece is a size band. If you are under $20M you can't tell from the site whether SEG would take the mandate, which is why it lands fifth.
6 FE International
Public deals on record: none yet in the Deal Index
Best for: Smaller SaaS and online-business founders who want a high-volume process.
- Headquarters: Not published on the pages we read
- Founded: 2010
- Stated deal size: Not published
- Sector focus: SaaS, AI, cybersecurity, ecommerce, edtech, fintech, marketplace apps and agency businesses
- Named closes: Asperato to Unaric; Cloud Orca to Cooper Parry; LinkBuilder to NextNet Media.
FE International began in 2010. It says it has handled more than 1,500 transactions at a 94.1% success rate. Its sectors run wide: SaaS, AI, cybersecurity, ecommerce, edtech, fintech, marketplace apps and agency businesses. That volume helps smaller sellers, though a SaaS founder shares the team with every other type of online business.
Press releases name three closes: Asperato to Unaric (2024), Cloud Orca to Cooper Parry (2025) and LinkBuilder to NextNet Media (2023). The pages we read gave no headquarters address and no size band. A real record with two basics absent puts it sixth.
7 Website Closers
Public deals on record: none yet in the Deal Index
Best for: Founders of mixed digital businesses who want a broker with regional offices.
- Headquarters: Not published (brokers in Orlando, Melville NY, Nashville, Sarasota, Tampa and Bradenton)
- Founded: Not stated (its about page says its history begins in 1998)
- Stated deal size: $1M to $1B
- Sector focus: Ecommerce, Amazon, SaaS, digital marketing, websites, eLearning and affiliate businesses
- Named closes: Buyers are not published. Its pages name sellers Gorilla Shipper (2019), German Muscle, Omni, Bower Web Solutions and Plush Paws.
Website Closers says it handles deals from $1M to $1B across ecommerce, Amazon, SaaS, digital marketing, eLearning and affiliate businesses. Its about page dates the firm to 1998 and lists brokers in Orlando, Melville, Nashville, Sarasota, Tampa and Bradenton. No headquarters is named.
Its pages name sellers, among them Gorilla Shipper (2019), German Muscle and Plush Paws, and never the buyers. Without buyers we can't match a close to a SaaS exit. SaaS is one category among many here, so a founder who wants a software-first firm should treat seventh as the right spot.
8 Quiet Light
Public deals on record: none yet in the Deal Index
Best for: Founders of small online businesses who are willing to weigh unverified claims on their own.
- Headquarters: Not verified
- Founded: 2007 per one third-party profile; not confirmed on its own site
- Stated deal size: $200K to $30M+ per a third-party profile, not confirmed on its own site
- Sector focus: Online businesses including SaaS, ecommerce, content and agencies
- Named closes: None we could verify. An Axial listing shows a May 2026 cybersecurity SaaS sale at $2.4M ARR, with buyer and price not named.
We tried to load Quiet Light's own site and got an access error. Everything below therefore comes from third-party profiles, and none of it is verified. One profile gives a founding year of 2007 and a size range of $200K to $30M+. A Trustpilot page claims over $1 billion in successful exits, and another review mentions 600+ deals. The figures don't agree.
An Axial listing shows a May 2026 cybersecurity SaaS sale at $2.4M ARR. Neither buyer nor price is named. With no close we can verify, it sits eighth, and you should check its numbers with the firm directly.
9 733Park
Public deals on record: none yet in the Deal Index
Best for: Vertical SaaS and payments founders near the top of this guide's range.
- Headquarters: Boston, MA (One Boston Place, Suite 2600)
- Founded: 2006
- Stated deal size: $5M to $350M enterprise value
- Sector focus: Payments, fintech, AI and vertical SaaS, sell-side and buy-side
- Named closes: GeniusVets to ProSites (December 2025); Forefront Processing merchant portfolio to Unity Fi Solutions (October 2025); TransNet merchant portfolio sale (May 2025).
733Park was founded in 2006 and sits at One Boston Place. It states 200+ deals, $10B+ in volume and a $5M to $350M enterprise value range. It advises sellers and buyers in payments, fintech, AI and vertical SaaS.
Dated press releases name GeniusVets (acquired by ProSites, December 2025), the Forefront Processing merchant portfolio (Unity Fi Solutions, October 2025) and a TransNet merchant portfolio sale (May 2025). Its $5M floor and a recent record that leans toward payments portfolios put it ninth for sub-$20M software sellers.
10 Windsor Drake Verified · Deal Network
Public deals on record: none yet in the Deal Index
Best for: Founders who want a senior principal on every call and can live with a broader sector mix.
- Headquarters: New York, NY and Toronto, ON
- Founded: Not published
- Stated deal size: $5M to $300M enterprise value
- Sector focus: Fintech and payments, software and technology, healthcare and medical technology, and consumer, retail and distribution
- Named closes: None named on its site.
Windsor Drake operates from New York and Toronto. It states a $5M to $300M enterprise value range and takes fewer than twenty mandates a year, and founder Jeff Barrington leads every one. The firm describes a six-phase process over about nine months, publishes its fee schedule and issues a Fintech Exit Index.
Software and technology is one of four sectors. The others are fintech and payments, healthcare and medical technology, and consumer, retail and distribution. Its site names no closes. Windsor Drake is a ProCloser Deal Network member. It ranks last because software shares the list with three other sectors and the floor is $5M.
What the Deal Data Shows About Small SaaS Sales
Founders at this size should hear this early: public announcements almost never credit an advisor on a small SaaS sale. We pulled our deal index (2,201 deals rated high or medium confidence, January 2 to October 29, 2026) and kept SaaS targets valued under $20M. Nine remained. None names an advisor on either side.
| Date | Target | Acquirer | Value | Country |
|---|---|---|---|---|
| 2026-06-11 | DitaExchange | Wirtek | $870,000 | DK |
| 2026-06-24 | Dubai Technology Partners | Gentrack Group | $10,000,000 | AE |
| 2026-07-07 | Vecima Networks' IIoT business | Lantronix | $11,500,000 | CA |
| 2026-07-08 | Coding Ninjas | Info Edge | $460,000 | IN |
| 2026-07-17 | vTradEx Information Technology (Shanghai) | PTT Synergy Group Bhd | $7,120,000 | CN |
| 2026-08-18 | Virtalis | Virtualware | $5,400,000 | GB |
| 2026-09-03 | LiveCosts | SmartCraft | $9,210,500 | Not recorded |
| 2026-09-14 | Finely Technology Holdings | Sealand Capital Galaxy | $15,240,000 | HK |
| 2026-09-28 | Robotiq.ai | HCLSoftware | $10,500,000 | HR |
Across those nine, the median disclosed value is $9,210,500, from $460,000 to $15,240,000. Every buyer is a public company, and six of the nine deals crossed a border. Sell a small SaaS company and you will probably meet strategic and international bidders before you meet funds.
The share of SaaS deals naming an advisor climbs steeply with size, as the next table shows.
| SaaS deal size | Deals | Naming an advisor |
|---|---|---|
| Under $20M | 9 | 0 |
| $20M to $200M | 14 | 3 |
| $200M to $1B | 9 | 7 |
| Over $1B | 13 | 5 |
| Value undisclosed | 404 | 46 |
Look at the top rows. Seven of nine SaaS deals between $200M and $1B name an advisor, against none of the nine under $20M. Part of that is reporting: large buyers disclose advisors in filings and small ones seldom do. So a firm's silence at your size tells you little. Ask for references and closed deals instead.
Method. All figures come from the ProCloser Deal Index (deals.json). Rows were kept if confidence was high or medium, the sector was SaaS and the date fell between January 2 and October 29, 2026. Size buckets use the disclosed value field, and rows marked "Value undisclosed" have nothing to bucket. A deal counts as advised when either advisor field holds a name. The index draws on public sources, so many private sales never reach it.
How to Choose a SaaS Advisor Under $20M
Choose the advisor whose stated range includes your revenue and who can show software deals closed in the past two years. Little else matters as much. A firm with a $5M floor won't give your $2M business its best people, however strong its record at $50M.
Put three questions to every firm on the first call. What is the smallest software mandate you have closed in the past 24 months, and who bought it? Who on your team runs my process day to day? What do you charge if the deal doesn't close, and what is the minimum fee? An answer with a name and a date is a record. An answer that says "typically" is a sales line.
Then match the buyer type. Small SaaS buyers in our data are mostly public companies, often foreign, so a firm with international offices, L40 Partners in Lisbon and Madrid for one, may reach them more easily than a regional shop. Expecting private equity interest? Ask which funds the advisor has sold to in the past year.
Last, look at structure. Brokers and bankers both appear on this list, and the difference shows up in process and in who owns the buyer relationship. Our guide to business brokers versus M&A advisors covers how each works and what each costs. If your company sits near the top of this range, the investment banks for SaaS exits from $20M to $200M list may be a better next read.
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